Ghana’s Fixed Income Market (GFIM) processed 2.61 billion cedis across 6,984 transactions on Tuesday, February 3, 2026, with treasury bills dominating activity as institutional investors maintained strong appetite for short term government securities.
Treasury bills captured 1.62 billion cedis through 6,892 separate deals, representing 62 percent of total market volume. New Government of Ghana (GOG) notes and bonds contributed 910.68 million cedis across 48 transactions, accounting for 35 percent of trading activity. Sell and buyback trades involving government securities added 66.12 million cedis through 12 transactions.
The session’s most actively traded treasury bill was a security maturing April 27, 2026, which recorded 358.25 million cedis in volume across 6,380 transactions at a closing price of 99.97 cedis per 100 cedis face value. This concentration suggests coordinated institutional demand for near term instruments offering competitive returns while maintaining liquidity.
Among longer dated securities, a GOG bond maturing November 2, 2031, carrying an 8.95 percent coupon, led new bond trading with 219 million cedis across six deals. The security traded at a yield of 15.15 percent with a closing price of 78.67 cedis per 100 cedis face value, indicating investors demand significant premiums for committing capital beyond the short term.
Corporate bonds generated 12.21 million cedis across 26 transactions. A Cocoa Marketing Board (CMB) bond maturing August 30, 2027, carrying a 13 percent coupon, represented the most active corporate instrument with 8.26 million cedis traded through 11 deals at a closing price of 98.87 cedis per 100 cedis face value.
The largest repo transaction involved a GOG bond maturing February 8, 2033, carrying a 9.25 percent coupon, which saw 57.95 million cedis traded across six deals at a yield of 13.03 percent. These repurchase arrangements allow institutions to manage liquidity while using government securities as collateral.
Old government notes and bonds recorded minimal activity with only 117,500 cedis changing hands through six trades. The most active older security was a bond maturing November 2, 2026, carrying a 19 percent coupon, which traded at a yield of 22.62 percent with a closing price of 97.51 cedis per 100 cedis face value.
Monday’s trading patterns reflect continued investor preference for government securities as Ghana’s economic stabilization efforts progress. Market participants remain focused on domestic economic indicators and monetary policy decisions from the Bank of Ghana (BOG). Government bond yields remain elevated despite broader improvement in financial conditions, reflecting investor concerns about fiscal sustainability and refinancing requirements.
The GFIM operates under the Ghana Stock Exchange (GSE) and provides a platform for secondary trading of fixed income securities. Since its inception in August 2015, the market has traded over one trillion cedis in securities, establishing itself as one of Sub Saharan Africa’s most liquid fixed income platforms outside South Africa and Nigeria.
